Characteristics of Portuguese public‐sector project managers: Toward closing the effectiveness gap

Using a sample of 102 Portuguese public‐sector officials with project management experience, this study examines the characteristics of effective project managers in the Portuguese public sector. Factor‐analysis procedures are used to identify the factors related to areas of knowledge relevant to effective project management. The results appear to stress the increasing importance of people, organizational, and leadership skills in the effective management of today's complex and dynamic projects.     

Are large portions always bad? Using the Delboeuf illusion on food packaging to nudge consumer behavior

Exaggerated portion sizes are generally pictured on the front of product packaging in order to stimulate food craving and encourage consumer purchasing decisions. However, one problem with such images is that they can set inappropriate norms as far as food consumption is concerned and hence result in people serving themselves more than they otherwise might. The research reported here builds on the fact that depicting a food portion in a smaller (vs. larger) container (i.e., plate or bowl) creates the illusion of a larger (vs. smaller) portion, although the actual quantity of food remains the same (this is known as the Delboeuf illusion). Here, we demonstrate in two experiments that by presenting food in a smaller container (thus giving rise to the illusion of a relatively larger portion), participants have higher purchase intentions (study 1) and perceive the food as being more appetizing (study 2) but, crucially, decrease the size of the portion that they serve themselves (studies 1 and 2). Overall, by giving the impression of a larger portion on product packaging, the Delboeuf illusion could potentially be used to nudge consumers to find food more desirable, while at the same time leading them to reduce their serving, thus potentially benefitting both consumers and the food industry.     

The ‘disguised’ foreign investor: Brands,trademarks and the British expatriate entrepreneur in Brazil

Abstract

This article examines the impact of the British expatriate entrepreneur, and his processes of knowledge transfer, on the industrialization and economic development of Brazil between 1875 and 1914. It focuses on the textiles industry, and combines original trademark data with conventional trade and investment statistics, and also case study analysis about firms and their entrepreneurs. It argues that British investment in Brazil was higher and had a deeper impact on economic development than considered by existing research, as expatriate entrepreneurs ‘disguised’ a substantial amount of foreign investments by acting as shareholders and top managers of newly established local businesses.     

Multiple product qualities in monopoly: Sailing the RMS Titanic into the economics classroom

In this pedagogical contribution the authors extend the traditional three-class tariff employed in the French passenger railway system with the more resonant story of the service quality variations associated with the three passenger classes of the ill-fated RMS Titanic. In doing so, they provide economics instructors with an opportunity to integrate the well-known motion picture Titanic (Cameron and Landau 1997 Cameron, J., and J. Landau. 1997. Titanic. Los Angeles: 20th Century Fox, Paramount Pictures, and Lightstorm Entertainment. [Google Scholar]) into the teaching of economics. This article provides instructors with resources that can be used to link historical and modern travel examples of price discrimination in order for students to reach a “deeper understanding of course concepts” (Salemi 2002 Salemi, M. K. 2002. An illustrated case for active learning. Southern Economic Journal 68 (3): 721–31.[Crossref], [Web of Science ®] , [Google Scholar], 725).     

Perspectives on evaluation in financial education: Landscape,issues, and studies

This review discusses the heterogeneity in the effectiveness of financial education programs that occurs because of the unique conditions for programs and methods to evaluate them. The authors define six groups served by financial education: children, youth, college students and young adults, working adults, military personnel, and low-income consumers. They then discuss research and evaluation literature for each group with a critical eye on program purpose, content, and evaluation. They also present findings affecting multiple groups on four issues: student loans, homeownership, retirement planning, and financial advising. The accumulated evidence on the effectiveness of financial education is positive, although the results are nuanced and sometimes limited. The authors argue that understanding this broad landscape in studying financial education is critical for future research and evaluation.     

Using FRED data to teach price elasticity of demand

In this article, the authors discuss the use of Federal Reserve Economic Data (FRED) statistics to teach the concept of price elasticity of demand in an introduction to economics course. By using real data in its computation, they argue that instructors can create a value-adding context for illustrating and applying a foundational concept in economics. Additionally, this pedagogical strategy contributes to developing an expected proficiency for economics majors related to “interpreting and manipulating data” (Hansen 2009, 2012). The authors provide step-by-step instructions on how to use FRED to compute the price elasticity of demand for motor vehicle fuels and gasoline as well as examples of in-class discussion questions and take-home assignments related to this instructional technique.     

Using mean reversion as a measure of persistence

This paper suggests a new scalar measure of persistence together with a companion estimator, which has the advantage of not requiring the specification and estimation of a model for the series under investigation. The statistical properties of the companion estimator are established, which allow tests of hypotheses to be performed, under very general conditions. The use of the new measure is illustrated by re-evaluating persistence of inflation for the United States and the Euro Area. The conclusions for the United States do not differ significantly from what has been found in previous empirical studies. However, for the Euro Area we find evidence of a significant break occurring in 2001/2002, such that persistence becomes virtually nil for the period that follows the launch of the euro and the implementation of a common monetary policy by the European Central Bank.     

Patterns of international capital raisings

This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the cross-firm heterogeneity in financial globalization. (2) Changes in firm performance following equity and debt issuances in international markets are qualitatively similar to those following domestic issuances, suggesting that capital raisings abroad are not intrinsically different from those in domestic markets. (3) Firms continue to issue securities both abroad and at home after accessing international markets, suggesting that international and domestic markets are complements, not substitutes. Existing theories do not fully account for these patterns.     

Ownership and capital structure in Latin America

This study evaluates the capital-structure determinants of Latin American firms using a comprehensive sample covering seven countries. Firms in the region have debt levels similar to those of U.S. firms, which is puzzling, given that Latin American firms experience relatively lower tax benefits and higher bankruptcy costs. This study argues that ownership-concentrated firms avoid issuing equity because they do not want to share control rights. Latin American firms have high ownership concentration, which creates an ideal setting to study how ownership concentration explains firms' capital structure. Consistent with the control argument, this study finds a positive relation between leverage and ownership concentration, when losing control becomes an issue. Also, the study shows a positive relation between leverage and growth. In addition, the study reports that other determinants that do not proxy for control rights are consistent with previous findings. Firms that are larger, have more tangible assets, and are less profitable are also more leveraged.